The overall crypto market cap added $122 billion to its valuation for the final seven days and now stands at $2,588 billion. The high 10 cash have been principally in inexperienced for a similar time interval with Solana (SOL) and Dogecoin (DOGE) main the group with 29.8 and 10 p.c of value enhance respectively. Bitcoin (BTC) is presently buying and selling at $62,677 whereas ether (ETH) is at $4,115.
The cryptocurrency market initiated a robust uptrend that was primarily attributable to the information that the US Safety and Alternate Fee (SEC) accepted and permitted for the primary time ever the ETF Futures registration from ProShares Belief’s Bitcoin (BTC) and in addition the one registered by Valkyrie.
The ProShares fund began buying and selling on the morning of Tuesday, October 19 beneath the BITO tick and registered the biggest pure one-day quantity ever for an ETF futures product. The sturdy demand additionally prompted a major soar within the value of the main altcoins and particularly the main Layer 1 protocols.
The BTC/USDT pair closed the buying and selling day on Monday at $62,000 after the worth fell as little as $59,800 throughout intraday. The coin continued to maneuver within the upward course on Tuesday, including one other 3.6 p.c to its valuation and hitting a each day excessive of $64,400.
The mid-week session on Wednesday noticed bitcoin lastly breaking its all-time excessive. Bulls pushed it as much as $66,945 because the volumes have been surging. However, the relative energy index went into the overbought space, surpassing the July 21 values.
On Thursday, October 21, the BTC/USDT pair skilled a sudden selloff that drove its value 6 p.c down. The coin discovered stability across the $62,200 space however totally erased all good points from the earlier two classes.
The final day of the workweek got here with a second consecutive day in crimson for the most important cryptocurrency and a drop to $60,800 – proper beneath the March 2021 excessive.
The weekend of October 23-24 began with an try from bears to push the worth beneath the psychological $60,000 mark on Saturday, however for the fifth time within the final eight classes, the promote orders have been correctly absorbed by bulls. The coin closed in inexperienced, at $61,200.
On Sunday, October 24, bitcoin was on its solution to shut beneath the weekly candle shut excessive however someway managed to protect the uptrend.
What we’re seeing noon on Monday is a strong rebound with BTC buying and selling above $62,000.
The Ethereum Undertaking token continues to be the top-performing main digital asset proper subsequent to Bitcoin with one of many greatest upside potentials out there.
On Monday, October 18, the most important altcoin was rejected on the mid-term weekly downtrend like for the fourth consecutive day. This resulted in a pullback right down to $3,744 and a 2.7 p.c loss.
The Tuesday session was fairly totally different. The Bitcoin ETF futures buying and selling prompted a spike within the value of all main altcoins and ETH was no exception. It fashioned the very same candle just like the one from yesterday however in the wrong way.
The third day of the workweek got here with an extension of the uptrend. The ether broke above the talked about dynamic resistance and closed at $4,163 or 7.2 p.c greater. The coin printed a brand new greater excessive, surpassing the September 3 excessive of $4,022.
On Thursday, October 21, the ETH/USDT pair hit its all-time excessive however was not in a position to surpass it or to maintain the uptrend momentum. It moved right down to $4,056 and closed the day with a loss.
The Friday session was no totally different and the coin moved additional right down to $3,974, even touching the $3,885 mark near the diagonal downtrend throughout intraday.
The primary day of the weekend got here with a strong reversal. The ether jumped 4.9 p.c up, however as soon as once more hit the $4,160 short-term horizontal resistance.
Then on Sunday, the main altcoin made a pullback to $4,080.
As of the time of writing, ETH is buying and selling at $4,107.
Solana hit an all-time excessive on September 9, 2021, however was underperforming ever since then correcting its value by 45 p.c and in addition hitting $115 in late September.
Nevertheless, the main Layer 1 protocol, which is without doubt one of the hottest amongst institutional buyers and retail merchants contemplating its hyperlinks to FTX’s proprietor Sam Bankman-Fried, shortly bounced again as soon as the cryptocurrency market turned bullish.
The SOL/USDT pair efficiently fashioned a bullish pennant sample on the each day chart and it began shifting strongly as soon as it was damaged to the upside. This occurred on October 20 when Solana surpassed each the horizontal and diagonal resistance.
SOL elevated by 27 p.c on a seven-day foundation and hit a brand new all-time excessive at $214 additionally forming the next excessive on the weekly chart.
The coin is presently buying and selling at $208, however an extension to $278 to the Fibonacci 161.80 stage is just not excluded.
Altcoin of the Week
Our Altcoin of the week is Nexo (NEXO). The favored DeFi platform rallied 56 p.c final week to hit a seven-day excessive of $2.86 on Saturday, October 23. The coin broke out of the sturdy $2 resistance after buying and selling beneath it for greater than 4 months.
For the primary time since Could,19 the NEXO/USDT closed a each day candle above $2.5.
It’s not fairly clear what’s driving the worth up or it’s only a technical breakout, however the brand new greater excessive on the weekly timeframe suggests NEXO will be up for a rally to a brand new all-time excessive within the coming weeks.
The coin is presently ranked at #89 on CoinGecko’s High 100 record with a complete market cap of roughly $1.5 billion.
The altcoin is presently buying and selling at $2.68.
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